Santa Monica, CA Cost of Living

Santa Monica cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.

Here we can see a simple outline of the cost of living in Santa Monica, CA. As you can see, with the average cost of living in Santa Monica, CA being 217, that puts it 57% higher than the average of California and 117% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Santa Monica, CA, the price of goods and services are 1% lower than the average of California as well as 9% higher than the nation's average.

Did you know?

The cost of living in Santa Monica is 57% higher than the California average.

The cost of living in Santa Monica is 117% higher than the national average.

The cost of housing in Santa Monica is 363% higher than the national average.

Compare Santa Monica, CA Cost of living To Other Cities

Salary Calculator

I currently make 50,000This is how much you would need to earn in Price difference in compared to

Cost of living index

Goods & Services index

Groceries index

Health care index

Housing index

Transportation index

Utilities index

Using the salary calculator lets you compare the salary you earn in Santa Monica, CA to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Santa Monica, CA, you have to earn a higher income in order to still have the same standard of living. To operate the Santa Monica, CA salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median Income

Per Year

Per Month

Max Budget (28% DTI)

Max Budget (36% DTI)

Owners

$135,394

$11,283

$3,159

$4,062

Renters

$68,349

$5,696

$1,595

$2,051

One can approximate the cost of living and the housing affordability in Santa Monica, CA by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Santa Monica, CA have a median income of $135,394. Therefore, the amount that a consumer should spend on housing costs should be no more than $3,159 per month to avoid calamity and poverty. The renters in the city have an income of about $68,349, which would make their monthly maximum allowable rental costs $1,595.

California Sales Tax

State

General Sales Tax

With Max Surtax

California

7.25%

10.25%

California Income Tax

State

Income Tax (Low)

Income Tax (High)

California

1%

13.3%

One thing to keep in mind when considering the cost of living in Santa Monica, CA is the California sales tax and California income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The California sales tax rate is 7.25% and the maximum surtax that can be charged is 10.25%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The California income tax rates range from 1% to 13.3%.

Goods & Services

Item

Santa Monica

National avg.

Difference

Haircut

$19.60

$16.03

22.3%

Beauty Salon

$61.20

$37.37

63.8%

Toothpaste

$2.33

$2.44

4.4%

Shampoo

$1.29

$1.00

28.9%

Movie

$14.88

$10.25

45.2%

Bowling

$6.68

$4.94

35.3%

Groceries

Item

Santa Monica

National avg.

Difference

Ground Beef

$4.77

$3.79

25.9%

Fried Chicken

$1.00

$1.39

27.9%

Milk

$2.24

$2.00

11.7%

Potatoes

$2.63

$3.00

12.3%

Pizza

$10.99

$9.83

11.8%

Beer

$9.88

$8.88

11.3%

Health Care

Item

Santa Monica

National avg.

Difference

Optometrist

$120.20

$101.83

18.0%

Doctor

$107.00

$108.31

1.2%

Dentist

$106.80

$92.21

15.8%

Ibuprofen

$12.77

$9.28

37.6%

Lipitor

$410.11

$424.43

3.4%

Housing

Item

Santa Monica

National avg.

Difference

Home Price

$1,086,300.00

$184,700.00

488.1%

Avg. Mortgage Payment

$2,871.08

$1,201.80

138.9%

Apartment Rent

$1,626.00

$949.00

71.3%

Transportation

Item

Santa Monica

National avg.

Difference

Gasoline

$2.94

$2.24

30.9%

Tire Balancing

$53.38

$46.16

15.6%

Utilities

Item

Santa Monica

National avg.

Difference

All Electricity

$200.38

$165.42

21.1%

Phone

$25.97

$28.71

9.5%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.